SkyWest, Inc.
- Open
- 107.92
- Day high
- 108.41
- Day low
- 105.80
- Prev close
- 107.92
- Volume
- 198K
- Mkt cap
- $4.2B
- P/E (TTM)
- 10.5
- EPS (TTM)
- $10.26
- P/B
- 1.5
- P/S
- 1.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$12.9M over the last 3 months (0 open-market buys, 9 sales)
- 🏛Institutions mixed (13F)
SkyWest, Inc. (SKYW) is a Industrials company listed on NASDAQ. The stock is down 9% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 9 sales (SEC Form 4).
SkyWest, Inc. (SKYW) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SKYW earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $2.70 | $2.54 | -5.9% | $1.1B | -0.6% |
| Apr 23, 2026 | $2.15 | $2.21 | +2.8% | $1.0B | +2.1% |
| Jan 29, 2026 | $2.25 | $2.21 | -1.8% | $1.0B | +1.0% |
| Oct 30, 2025 | $2.56 | $2.81 | +9.8% | $1.1B | +4.5% |
| Jul 24, 2025 | $2.34 | $2.91 | +24.4% | $1.0B | +0.8% |
| Apr 24, 2025 | $2.04 | $2.42 | +18.6% | $948M | +0.2% |
| Jan 30, 2025 | $1.75 | $2.34 | +33.7% | $944M | +3.1% |
| Oct 31, 2024 | $1.92 | $2.16 | +12.5% | $913M | +2.7% |
| Jul 25, 2024 | $1.73 | $1.82 | +5.2% | $867M | +4.9% |
| Apr 25, 2024 | $1.23 | $1.45 | +17.9% | $804M | -2.8% |
| Feb 1, 2024 | $0.15 | $0.42 | +180.0% | $752M | -0.9% |
| Oct 26, 2023 | $0.40 | $0.55 | +37.5% | $766M | +1.3% |
SKYW insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 5, 2026 | Steel Wade Jofficer: CHIEF COMMERCIAL OFFICER | Sell | 22,000 | $111.44 |
| Jul 31, 2026 | SIMMONS ROBERT Jofficer: CHIEF FINANCIAL OFFICER | Sell | 14,988 | $109.67 |
| Jul 31, 2026 | Wooley Gregofficer: EXEC VP OPERATIONS | Sell | 17,726 | $108.55 |
| Jul 31, 2026 | SIMMONS ROBERT Jofficer: CHIEF FINANCIAL OFFICER | Sell | 2,442 | $110.71 |
| Jul 31, 2026 | SIMMONS ROBERT Jofficer: CHIEF FINANCIAL OFFICER | Sell | 7,570 | $112.04 |
| Jul 30, 2026 | Childs Russell Adirector, officer: PRESIDENT & CEO | Sell | 2,600 | $111.46 |
| Jul 30, 2026 | Childs Russell Adirector, officer: PRESIDENT & CEO | Sell | 1,828 | $114.11 |
| Jul 30, 2026 | Childs Russell Adirector, officer: PRESIDENT & CEO | Sell | 9,902 | $112.63 |
| Jul 30, 2026 | Childs Russell Adirector, officer: PRESIDENT & CEO | Sell | 36,170 | $113.46 |
| May 7, 2026 | MITTELSTAEDT RONALD Jdirector | Grant | 1,219 | — |
| May 7, 2026 | LEATHERS DEREK Jdirector | Grant | 1,219 | — |
| May 7, 2026 | Conjeevaram Smitadirector | Grant | 1,219 | — |
| May 7, 2026 | SMITH KEITHdirector | Grant | 1,219 | — |
| May 7, 2026 | Welch James Ldirector | Grant | 1,219 | — |
| May 7, 2026 | Madden Meredith Siegfrieddirector | Grant | 1,219 | — |
Source: SKYW SEC Form 4 filings, latest Aug 5, 2026. For informational purposes only — not investment advice.
See the full SKYW insider & 13F page →SkyWest, Inc. company profile
Overview
SkyWest, Inc. (NASDAQ:SKYW) is a regional airline holding company founded in 1972 and headquartered in St. George, Utah. The company went public in 1986 and has grown to become one of the largest regional airlines in North America. SkyWest operates primarily as a contract carrier for major airlines, providing scheduled passenger service to smaller markets that are not economically viable for mainline carriers to serve directly. The company has built its business around operating smaller regional aircraft under capacity purchase agreements with major airlines, while also developing complementary businesses in aircraft leasing and charter services.
Business
SkyWest operates in the regional airline industry, which serves as a critical component of the broader commercial aviation ecosystem. Regional airlines typically operate smaller aircraft (50-100 seats) to connect smaller cities and towns to major airline hubs, enabling passengers to access the broader airline network. This business model fills a crucial gap in air transportation, as major airlines find it uneconomical to serve smaller markets with their larger aircraft. The company operates through two primary business segments: 1. SkyWest Airlines (approximately 95% of revenue): This is the core airline operation that provides scheduled passenger service under capacity purchase agreements with major U.S. airlines including Delta Air Lines, United Airlines, American Airlines, and Alaska Airlines. Under these agreements, SkyWest operates flights using the major airlines' flight codes and branding (such as "Delta Connection" or "United Express"), while the major airline handles marketing, pricing, and revenue management. SkyWest's fleet consists primarily of regional jets including Embraer E175 aircraft (70-76 seats) and Bombardier CRJ series aircraft (50-76 seats). The company operates over 2,000 daily flights to destinations across the United States, Canada, Mexico, and the Caribbean. 2. SkyWest Leasing (approximately 5% of revenue): This segment leases regional aircraft and spare engines to third-party airlines and provides maintenance services. This business leverages SkyWest's expertise in regional aircraft operations and maintenance to generate additional revenue streams. The company also operates SkyWest Charter, a newer business line that provides on-demand charter flights and is seeking to serve underserved communities that have lost commercial air service. This represents a growing opportunity as many smaller markets have been abandoned by commercial airlines in recent years.
Revenue model
SkyWest generates revenue primarily through capacity purchase agreements with major airlines, which represent a fundamentally different business model from traditional airlines. Under these agreements, the major airline partner pays SkyWest a predetermined rate per block hour flown or per departure, regardless of how many passengers are on the flight or what fares they pay. This means SkyWest receives predictable revenue while the major airline assumes the market risk of filling seats and setting prices. The company's revenue streams include: 1. Contract revenue (approximately 83% of total revenue) from capacity purchase agreements, 2. Prorate and charter revenue (approximately 14% of revenue) from flights where SkyWest bears market risk and receives passenger revenue directly, and 3. Leasing and other revenue (approximately 3% of revenue) from aircraft and engine leasing to third parties. Several factors significantly impact SkyWest's profitability margins. Pilot availability is the most critical constraint, as the industry has faced severe pilot shortages since the pandemic. When SkyWest cannot fully staff its aircraft, it must park planes and forgo revenue while still carrying fixed costs like aircraft lease payments and maintenance reserves. Fuel costs are typically passed through to airline partners under capacity purchase agreements, providing some protection from fuel price volatility. Aircraft utilization rates are crucial since SkyWest has high fixed costs for aircraft ownership and maintenance - higher utilization spreads these costs over more revenue-generating flights. Maintenance costs increase significantly as aircraft age and as flight activity increases after periods of reduced utilization. The company expects maintenance expenses to average $200 million per quarter in 2025 as it brings more aircraft back into service. Competition for pilots from major airlines and cargo carriers has driven up pilot compensation costs substantially, though this affects all regional carriers similarly. The company's margins also benefit from operating larger, more efficient dual-class aircraft (like the E175) versus smaller 50-seat regional jets, as the former generate higher revenue per flight while having similar operating costs.
Competitive moat
SkyWest's competitive moat is moderately strong but faces ongoing challenges. The company's primary moat stems from its scale advantages and long-term contractual relationships with major airlines. As one of the largest regional carriers with over 600 aircraft, SkyWest can spread fixed costs across a large operation and has developed deep operational expertise that would be difficult for new entrants to replicate quickly. The company benefits from high switching costs for its airline partners, who have invested significantly in training SkyWest crews, integrating operations, and establishing service standards. These relationships are reinforced by multi-year capacity purchase agreements that provide revenue stability. SkyWest's geographic diversification across multiple airline partners also reduces dependence on any single carrier's performance. However, the moat faces significant pressures. The pilot shortage represents an existential challenge that affects all regional carriers, potentially forcing consolidation in the industry. Major airlines are increasingly bringing regional flying in-house or shifting to larger aircraft that bypass smaller markets entirely. Regulatory changes, such as pilot training requirements implemented after the 2009 Colgan Air crash, have created structural challenges for regional airline economics by requiring more expensive pilot training while limiting pilot supply. The company's moat is also challenged by limited pricing power - as a contract service provider, SkyWest must compete for capacity purchase agreements primarily on cost, with little ability to differentiate on service quality since passengers typically view flights as being operated by the major airline partner. New entrants with lower cost structures or more flexible labor agreements could potentially underbid SkyWest for contracts, though the barriers to entry remain substantial given aircraft acquisition costs and regulatory requirements.
Risks & safety
SkyWest demonstrates a moderate margin of safety with some areas of concern around liquidity and leverage. • Liquidity position: Cash and short-term investments of $179 million against current liabilities of $1.42 billion creates a concerning current ratio of 0.76, indicating potential near-term liquidity pressure • Debt burden: Total debt-to-equity ratio of 1.07 represents moderate leverage, though the company has been actively reducing debt (repaid over $400 million in 2024) • Cash generation: Strong operating cash flow of $692 million in 2024 and free cash flow of $364 million demonstrate the business generates substantial cash despite capital intensity • Solvency risk: While current ratio is low, the predictable nature of contract revenue and strong cash generation provide some protection • Valuation metrics: Trading at 8.8x forward P/E and 8.2x EV/EBITDA appears reasonable for a cyclical industrial company • Asset coverage: Substantial aircraft fleet provides asset backing, though aircraft values can be volatile • Other considerations: Exposure to pilot shortage and potential recession could pressure cash flows; however, essential service nature provides some demand stability
Recent development
Over the past few years, SkyWest has undergone significant strategic repositioning focused on fleet modernization and business diversification. The company has been systematically upgrading its fleet composition toward larger, more efficient dual-class aircraft, particularly the Embraer E175, which now represents the core of its growth strategy. The company expects to reach 278 E175 aircraft by the end of 2026, with 20 additional deliveries planned through that period. A major strategic development has been the expansion of SkyWest Charter, launched in April 2023 as an on-demand charter service. This represents a significant diversification away from the traditional capacity purchase agreement model, allowing SkyWest to capture market risk and potentially higher margins while serving underserved communities that have lost commercial air service. The company received tentative DOT approval for expanded charter operations and sees significant potential in this market. SkyWest has also been strengthening its partnership portfolio through contract extensions and expansions. Notable developments include reaching agreement with United Airlines to operate 40 CRJ550 aircraft under a multi-year contract, extending agreements with American Airlines for 74 CRJ700s, and expanding CRJ550 operations with both United and Delta. These agreements provide revenue stability while positioning the company's fleet toward larger, more profitable aircraft types. The company has made substantial progress in addressing the pilot shortage that severely constrained operations in 2022-2023. SkyWest has added approximately 700 pilots over the past year and expects to reach pre-pandemic pilot levels by early 2025. This improvement has enabled the company to significantly increase block hour production - up 13% in 2024 with expectations for 12-13% growth in 2025. The operational recovery has been accompanied by aggressive debt reduction, with over $400 million in debt repayment during 2024, strengthening the balance sheet for future growth investments.
SKYW company profile · for informational purposes only — not investment advice.
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